NONPROFIT CORPORATION ACT (EXCERPT)
Act 162 of 1982
450.3103 Definitions; C to F.
(1) "Consumer" means a natural person who acquires, or commits to acquire in the future from the cooperative primarily for consumption, use, or occupancy by the person or the person's family, any of the goods, services, or facilities furnished by the cooperative.
(2) "Consumer cooperative" means a cooperative the majority of the votes of which are held by consumers, or, in the case of a cooperative which provides residential dwelling units, the majority of the votes of which are held by consumers and the majority of members of which do not have the right of possession or occupancy of dwelling units they do not occupy.
(3) "Cooperative" means a corporation organized on a cooperative basis or similar basis that is provided in law as a criterion for being a cooperative.
(4) "Cooperative basis" means:
(a) That, subject to section 1133, each member has 1 vote, except as provided in this chapter.
(b) That the dividends, if any, paid on member capital do not exceed 8% per year.
(c) That the net savings are distributed as provided in section 1135.
(d) That business is engaged in for the mutual benefit of its members.
(5) "Electronic transmission" or "electronically transmitted" means any form of communication that meets all of the following:
(a) It does not directly involve the physical transmission of paper.
(b) It creates a record that may be retained and retrieved by the recipient.
(c) It may be directly reproduced in paper form by the recipient through an automated process.
(6) "Foreign cooperative" means a corporation organized under laws other than the laws of this state operating on a cooperative basis or a similar basis that is provided in those other laws as a criterion for being a cooperative.
History: Add. 1984, Act 209, Eff. Nov. 1, 1985
Am. 2008, Act 9, Imd. Eff. Feb. 29, 2008
© 2009 Legislative Council, State of Michigan